Hailey Bieber's diamond collection got a major upgrade following her and husband Justin Bieber's vow renewal ceremony earlier ... that she suspects Hailey's new ring is "worth upwards of $1 ...

"Yvonne's 29-year-old wedding ring has seen better days, so this will be a delightful excuse for me to buy her a new one, while at the same time reaffirming our love for each other," Mr Panter said.

"We choose a rare new ring for our vow renewal because it is a beautiful tanzanite rare ring to symbolize our love," she tells PEOPLE of the 15-carat tanzanite-and-diamond Effy Hematian ring.